Crypto adoption has been rising in recent years, and Malaysia mirrors this trend. A survey conducted by Oppotus, a market research company in Malaysia, revealed that 36% of Malaysian respondents owned crypto in the last quarter of 2022. This was a notable upswing from the fourth quarter of 2021, when only 20% of participants reported crypto ownership.
If you’re from this Southeast Asian country and want to learn how to get your hands on crypto, we’ll discuss how to buy crypto in Malaysia in this blog post. You can also sign up on Ka.app, a user-friendly web app that allows you to buy, send, receive, earn, and convert crypto the easiest way possible.
4 Common Ways of Buying Crypto in Malaysia
Malaysians can buy crypto from various channels. Some of them include but are not limited to the following:
1. Crypto Payment Platform
Originally designed for easy crypto and Bitcoin transfers, some crypto payment platforms also offer crypto purchase functionalities to their users. Ka.app, for instance, has integrated the Web3 financial infrastructure Ramp into their web app so you can conveniently buy crypto using your credit or debit card, e-wallets, or by doing wire transfers.
We’ll provide a step-by-step guide on how you can quickly buy crypto on Ka.app below.
2. Crypto Exchange
Crypto exchanges are digital platforms that facilitate the buying, selling, and trading of various cryptocurrencies. These exchanges act as intermediaries, connecting buyers and sellers, and provide a secure environment for users to engage in crypto transactions. In Malaysia, some notable crypto exchanges include Luno, Tokenize, and SINEGY.
To buy crypto from these exchanges, you usually need to create an account on the platform and complete a verification process in compliance with local regulations, such as Know Your Customer (KYC) procedures. Once the account is set up and verified, you can deposit Malaysian Ringgit (MYR) into your exchange wallet via bank transfer or other supported payment methods.
Once your funds are available, you can browse the exchange's offerings and select the crypto you wish to buy. It’s good to note that crypto exchanges offer different types of orders, such as market orders and limit orders, so you can customise your buying strategy.
3. Crypto Automated Teller Machine (ATM)
Crypto ATMs offer a straightforward way to enter the crypto market without the need for extensive knowledge of blockchain money transfer apps or online exchanges. They allow you to buy crypto using cash or, in some cases, debit/credit cards. These machines are strategically located in various cities across Malaysia, providing convenient access to digital assets for both beginners and experienced crypto users.
To buy crypto from a crypto ATM in Malaysia, you need to locate a nearby crypto ATM using online directories or mobile apps specifically designed for this purpose. Once at the machine, you can select the crypto you wish to purchase from the available options. After selecting your desired crypto, you may be asked to input the amount you want to purchase and follow the on-screen instructions. Once you’ve completed the transaction, the crypto you purchased will be transferred to your secure and easy crypto wallet.
4. Crypto Brokers
Crypto brokers facilitate crypto purchases on behalf of their clients, usually offering personalised services, market analysis, and guidance to help users make informed investment decisions.
To buy crypto from a crypto broker in Malaysia, you need to select a reputable and regulated broker in the country and create an account on their platform. Once your account is set up and verified, you can communicate your buying preferences and the amount of crypto you want to buy to the broker. The broker will then act as an intermediary and execute the trade on your behalf.
How to Buy Crypto in Malaysia via Ka.app
Ka.app is a crypto payment platform available in 179 nations/locations, including Malaysia. It has a simple user interface, making it easy to use for beginners. Here’s how you can buy crypto on Ka.app:
- Create a Ka.app account and log in.
- Go to the home screen and click the “Buy” icon.
- Select the crypto you want to buy (e.g., Bitcoin or the KASTA token).
- Enter how much crypto you want to buy.
- Choose among the available payment options, whether it’s through a credit/debit card, wire transfer, e-wallet, etc.
- Confirm your purchase by entering your PIN code.
- Wait for the coins or tokens to reflect in your Ka.app wallet.
Final Thoughts
Malaysia doesn’t consider cryptocurrencies as legal tender, but it classifies them as securities. Crypto regulation falls under the purview of the Malaysian Securities Commission (SCM), which exercises its authority in accordance with the provisions of the Capital Markets and Services Act of 2007.
Despite this though, there is speculation that regulatory flexibility could be under consideration, which may increase the rate of crypto adoption in the country. Thankfully, buying crypto in Malaysia is getting more and more hassle-free, especially with the availability of crypto payment platforms like Ka.app.
We hope this guide has helped you get the crypto you want in the most convenient way possible. To learn more about the other features available on Ka.app, please read this blog.
FAQ
Is it legal to buy crypto in Malaysia?
Yes, it is legal to buy crypto in Malaysia. As mentioned, this country does not consider digital assets as legal tender but regulates them as securities.
Do I need to complete KYC verification to buy crypto in Malaysia?
Yes, most crypto platforms and brokers in Malaysia require users to complete KYC checks to comply with regulatory requirements and enhance security.
Which cryptocurrencies can I buy on Ka.app?
As of writing, you can buy Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance Coin (BNB), Binance USD (BUSD), Polygon (MATIC), Cardano (ADA), Polkadot (DOT), and KASTA on Ka.app.
Should I consult a financial advisor before buying crypto in Malaysia?
It is wise to consider consulting a financial advisor or crypto expert, especially if you are new to the crypto market. They can provide guidance tailored to your financial goals and risk tolerance as well as tax implications related to crypto gains.